Entrepreneurship = Apprenticeship of Tough Decisions

There is no room for guesswork or self-deception when you are a lone entrepreneur starting out with a business idea. Failure to make strategic and timely decisions will ultimately lead to failure. One of the most difficult issues is not having someone more experienced, e.g. a mentor to bounce ideas off. Let’s be positive, though. The rewards of success – often due to good decisions and some good luck – are yours to be proud of.

Start-ups are rarely based on a new or original idea. They are usually created to meet a need.

The best Business Plans have flexibility to adapt – because you don’t control everything.

Be hard but be fair. Delaying tough decisions will result in increasing stress for everyone.

Do you know the difference between a ‘boss’ and a leader? Find out, then be a good leader.

Starting A Business

Sometimes, the first tough decision you will face is whether to start the business. Do you want to take risks? Most people won’t, which is what makes an entrepreneur special. That little extra ‘something’ that entrepreneurs possess is the difference that will drive them to succeed. There will be many other tough decisions and one may be to admit failure of one project in order to focus on the next, more promising one.

There are various tips that may help you through some of the start-up processes:

Developing A Business

Following a successful start, different challenges have to be addressed. Sometimes these provide distractions and you briefly take your eye off the ball until something triggers alarm bells! Perhaps an important client is dissatisfied or fails to renew an order.

If you know someone in a similar position to yourself, you can usually see quite clearly what needs to be done in their situation but, when it comes to making impersonal decisions about your own business, the smaller details begin to obscure the important ones. For example, if your sales person is making fewer sales each month, at what point do you address the real issues? Is the sales person losing motivation? Is the product or service you offer less attractive than the competition? The longer it takes to find the truth and make the decision, the harder it will be to recover your path to success.

To maintain sustained business growth, it is perhaps more important to make hard and fast decisions in the scaling-up phase than during the start-up phase. Why not contact Nauzar at MIERA Consulting for a no-obligation discussion about business growth?